Declining industry specialization, rising diversity boost local economies over time
The article studies how different industries in UK counties benefited from their surroundings between 1841 and 1971. The researchers looked at seven industries over time to see how they thrived in specialized, diverse, and large market environments. They wanted to see if these benefits changed as time passed. The study found that since the mid-1800s, industries have seen less advantage from specialized settings but more gains from diverse local economies. This challenges the idea that these benefits stay the same over time.